What is Entry plan, time to first trade?

An entry plan sets out the workstreams needed to trade in a new market (legal entity, authorisation, clearing, membership, connectivity, data, people, software, certification), their durations, costs and dependencies, the expected revenue ramp and the points at which the firm decides whether to continue. The time to first trade is the time from the decision to enter to the first live trade, set by the longest chain of dependent workstreams.